easyJet annual profits up by 34% ahead of January leadership change
November 27, 2024
In its full year 2024 results, easyJet has reported a profit before tax of £610 million, with easyJet holidays contributing a significant £190 million profit before tax (a rise of 56% year-on-year). Overall, the company’s strong financial performance has further strengthened its investment-grade balance sheet; rated Baa2 (Moody’s) and BBB (S&P).
Full year 2024 figures indicate an 8% rise in passengers for the low-cost carrier, reaching over 100 million; up 8% from 2023’s 92.6 million (although a load factor of 89% remained unchanged). Next year, easyJet continues to see this positive momentum bolstered by additional seat capacity of around 103 million seats (an increase of 3%), with available seat capacity growth of around 8% also driven by an average sector length increase of circa 5%.
With easyJet’s current fleet standing at 347 units, it expects to increase this to 356 and 368 in 2025 and 2026 respectively, with all deliveries in the next two years to be purchased through free cash flow. Nine aircraft are expected to be delivered in 2025, with all 299 firm orders outstanding (comprising 131 A320s and 168 A321s) due for delivery within a decade.
In May 2024, easyJet CEO Johan Lundgren announced he would be stepping down in early 2025 having served seven years in the role, with his successor – current CFO Kenton Jarvis – to take the helm. Announcing his intentions, Lundgren commented: “There are important things still to accomplish over the balance of the year, but when the time comes I will leave easyJet with a great sense of loyalty and of pride at the progress made and the potential the Company has for the future” – a sentiment surely fulfilled by today’s strong financial results.
